MILWAUKEE, March 8, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Gardner Denver, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Gardner Denver to KKR.

Gardner Denver's long-term financial outlook is very positive and yet Gardner Denver shareholders will receive only $76 when some analysts have put a price target on Gardner Denver shares of $85. KKR is well aware of Gardner Denver's improving financial metrics and is purchasing Gardner Denver at a substantial discount. The merger agreement unreasonably limits prospective bids for Gardner Denver by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Gardner Denver receive and accept a superior bid. Gardner Denver insiders, their affiliates and other majority shareholders own significant voting stock of Gardner Denver, and will receive tens of millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Gardner Denver not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Gardner Denver's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Gardner Denver given its current financial condition and prospects.

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